UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO
SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): | December 21, 2016 |
Exact Name of
Registrant as Specified in Its Charter: |
CALAMP CORP. |
DELAWARE | 0-12182 | 95-3647070 | ||
State or Other Jurisdiction of | Commission | I.R.S. Employer | ||
Incorporation or Organization | File Number | Identification No. |
Address of Principal Executive Offices: | 15635 Alton Parkway, Suite 250 | |
Irvine, CA 92618 | ||
Registrant's Telephone Number, Including | ||
Area Code: | (949) 600-5600 | |
Former Name or Former Address, | ||
if Changed Since Last Report: | Not applicable |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
[ ] | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14.a-12) | |
[ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
[ ] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. Results of Operations and Financial Condition
The information set forth in Exhibit 99.1 of this Current Report is being furnished and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information set forth in Exhibit 99.1 of this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.
On December 21, 2016, CalAmp Corp. issued a press release announcing its financial results for the third quarter ended November 30, 2016. A copy of the press release is attached as Exhibit 99.1.
A conference call with simultaneous webcast to discuss the financial results for the third quarter ended November 30, 2016 will be held today, December 21, 2016 at 4:30 p.m. Eastern Time. After the live webcast of the conference call, an audio replay will remain available until the next quarterly conference call in the Investor Relations section of CalAmp's website at www.calamp.com.
Item 5.02. |
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers |
On December 21, 2016, CalAmp Corp. issued a press release announcing that its Executive Vice President, Chief Financial Officer and Corporate Secretary, Rick Vitelle, plans to retire from the company after sixteen years of service. Mr. Vitelle will remain with the company until his successor is recruited and fully on-boarded, to ensure an orderly and seamless transition. A copy of the press release is attached as Exhibit 99.2.
Item 9.01. Financial Statements and Exhibits
(c) Exhibits
99.1 | Press release of the Registrant dated December 21, 2016 announcing results of operations for the third quarter ended November 30, 2016. | ||
99.2 | Press release of the Registrant dated December 21, 2016 announcing the planned retirement of Rick Vitelle, Executive Vice President, Chief Financial Officer and Corporate Secretary of CalAmp Corp. |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be filed on its behalf by the undersigned hereunto duly authorized.
CALAMP CORP. | |||
December 21, 2016 | By: /s/ Richard Vitelle | ||
Date | Richard Vitelle | ||
Executive Vice President and CFO | |||
(Principal Financial Officer) |
Exhibit 99.1
CalAmp Reports Fiscal 2017 Third Quarter Financial Results
Strong revenue contribution
from MRM telematics product sales;
Record international revenue at 28.5% of
consolidated Q3 revenue;
Consolidated gross margin of 42%
IRVINE, CA, December 21, 2016 -- CalAmp (NASDAQ: CAMP), a leading provider of wireless products, services and solutions, today reported results for its fiscal 2017 third quarter ended November 30, 2016.
Revenue for the third quarter of fiscal 2017 was $83.4 million, an increase of 12% from the third quarter of fiscal 2016. The latest quarter included revenue of $29.9 million from LoJack products and services that was slightly lower than expected, as anticipated orders from two large international licensees were received late in the quarter and could not be fulfilled until early in the fourth quarter.
Michael Burdiek, CalAmp's President and Chief Executive Officer, said, In the latest quarter Mobile Resource Management (MRM) telematics product sales reached the highest level of the last four quarters. We are optimistic about our near-term growth as visibility has improved markedly from earlier in the year when macro factors negatively impacted demand for fleet telematics products in the U.S. As we look ahead, we see a number of catalysts on the horizon to drive near and long-term growth for our novel portfolio of connected vehicle telematics solutions.
Gross profit for the third quarter of fiscal 2017 was $35.1 million, an increase of $8.5 million over the same quarter last year. Gross margin was 42% in the fiscal 2017 third quarter, up from 36% in the third quarter of fiscal 2016.
The GAAP-basis net loss in the third quarter of fiscal 2017 was ($1.5) million, or ($0.04) per diluted share, compared to net income of $3.9 million, or $0.11 per diluted share, in the fiscal 2016 third quarter. Non-GAAP adjusted basis net income for the fiscal 2017 third quarter was $7.6 million, or $0.21 per diluted share, compared to non-GAAP adjusted net income of $11.4 million, or $0.31 per diluted share, in the third quarter of fiscal 2016. The third quarter earnings were impacted by higher legal expense of approximately $1.6 million over the comparable period last year and foreign currency exchange rate losses of $0.6 million.
Adjusted EBITDA for the third quarter of fiscal 2017 was $10.0 million and Adjusted EBITDA margin was 11.9%.
As of November 30, 2016, the company had total cash and marketable securities of $101 million and total debt outstanding of $145 million, which is the carrying amount of the company's 1.625% convertible notes in the face amount of $172.5 million. Net cash provided by operating activities was $0.5 million during the third quarter of fiscal 2017.
During the third quarter, the company purchased and retired approximately 975,000 shares of its common stock at an aggregate cost of $13.5 million pursuant to a stock repurchase plan adopted in June 2016. As of November 30, 2016, the remaining authorization for additional share purchases under this plan is $3.1 million.
CalAmp Reports Fiscal
2017 Third Quarter Financial Results
Page 2 of 7
Recent Business and Financial Highlights | |
● |
Revenue from international customers reached a record of 28.5% of consolidated quarterly revenues. |
● |
MRM telematics product sales reached the highest level of the past four quarters with fleet and connected car device revenue at record levels. |
● |
SaaS revenue grew 6% sequentially, driven by solid fleet subscriber growth and outstanding performance from LoJack Italy. |
● |
The company announced today that its Executive Vice President, Chief Financial Officer and Corporate Secretary, Rick Vitelle, plans to retire from the company after sixteen years of service. Mr. Vitelle will remain with the company until his successor is recruited and fully on-boarded, to ensure an orderly and seamless transition. |
Business Outlook | |
The outlook for the fourth quarter ending February 28, 2017 is: | |
● |
Consolidated revenue in the range of $84 to $89 million. |
● |
GAAP basis net income in the range of $.05 to $0.09 per diluted share and non-GAAP net income in the range of $0.25 to $0.31 per diluted share. |
● |
Adjusted EBITDA in the range of $11 to $15 million. |
Conference Call and
Webcast
CalAmp is hosting a
conference call for analysts and investors to discuss its fiscal 2017 third
quarter results and outlook for its fiscal 2017 fourth quarter at 1:30 p.m.
Pacific Time today. Participants can listen in via webcast by visiting the
Investor Relations section of CalAmp's website at www.calamp.com. Please go to the website at least 15 minutes early to register,
download and install any necessary audio software. A replay of the webcast will
be available for 30 days after the call. The conference call can also be
accessed by dialing 855-302-8830 (+1-330-871-6073 for international callers) and
using the Conference ID# 35586307. Following the call, an audio replay will also
be available by calling 855-859-2056 or +1-404-537-3406 and entering the
Conference ID# 35586307. The audio replay will be available through December 28,
2016.
About CalAmp
CalAmp (NASDAQ: CAMP) is a
pure-play pioneer in the connected vehicle and broader Industrial Internet of
Things marketplace. The company's extensive portfolio of intelligent
communications devices, robust and scalable telematics cloud services, and
targeted software applications streamline otherwise complex Machine-to-Machine
(M2M) deployments. These solutions enable customers to optimize their operations
by collecting, monitoring and efficiently reporting business-critical data and
desired intelligence from high-value mobile and remote assets. CalAmp is
headquartered in Irvine, California and has been publicly traded since 1983. For
more information, please visit www.calamp.com.
CalAmp Reports Fiscal
2017 Third Quarter Financial Results
Page 3 of 7
Forward-Looking
Statements
Statements in this
press release that are not historical in nature are forward-looking statements
that, within the meaning of the federal securities laws including the safe
harbor provisions of the Private Securities Litigation Reform Act of 1995,
involve known and unknown risks and uncertainties. Words such as may, will,
expect, intend, plan, believe, seek, could, estimate, judgment,
targeting, should, anticipate, goal and variations of these words and
similar expressions, are intended to identify forward-looking statements. The
forward-looking statements in this press release address a variety of subjects,
including the outlook for our fiscal 2017 fourth quarter operating results.
Readers are cautioned that actual results could differ materially from those
implied by such forward-looking statements due to a variety of factors,
including global economic conditions, competitive pressures and pricing
declines, softer-than-expected demand from key customers, intellectual property
infringement claims, and other risks or uncertainties that are described in Part
I, Item 1A of our Annual Report on Form 10-K for fiscal 2016 as filed on April
20, 2016 with the Securities and Exchange Commission. Although we believe the
expectations reflected in such forward-looking statements are based upon
reasonable assumptions, we can give no assurances that our expectations will be
attained. We undertake no obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or otherwise.
Non-GAAP Financial
Measures
GAAP" refers to
financial information presented in accordance with U.S. Generally Accepted
Accounting Principles. This press release includes historical non-GAAP financial
measures, as defined in Regulation G promulgated by the Securities and Exchange
Commission. CalAmp believes that its presentation of historical non-GAAP
financial measures provides useful supplementary information to investors. The
presentation of historical non-GAAP financial measures is not meant to be
considered in isolation from or as a substitute for results prepared in
accordance with GAAP.
In this press release, CalAmp reports the non-GAAP financial measures of Adjusted Basis net income, Adjusted Basis net income per diluted share, Adjusted EBITDA (Earnings Before Investment Income, Interest Expense, Taxes, Depreciation, Amortization, Stock-Based Compensation and certain other adjustments as detailed in the accompanying non-GAAP reconciliation), and Adjusted EBITDA margin. Adjusted Basis net income excludes the impact of intangibles amortization expense, stock-based compensation, acquisition and integration expenses, and certain other adjustments as shown in the non-GAAP reconciliation provided in the table at the end of this press release. CalAmp uses these non-GAAP financial measures to enhance the investor's overall understanding of the financial performance and future prospects of CalAmp's core business activities. Specifically, CalAmp believes that the use of these non-GAAP measures facilitates the comparison of results of core business operations between its current and past periods.
AT CALAMP: | AT NMN ADVISORS: | |
Garo Sarkissian | Nicole Noutsios | |
SVP, Corporate Development | (510) 315-1003 | |
(949) 600-5600 | nicole@nmnadvisors.com |
CalAmp Reports Fiscal
2017 Third Quarter Financial Results
Page 4 of 7
CAL AMP
CORP.
CONSOLIDATED INCOME
STATEMENTS
(Unaudited, in thousands except per share amounts)
Three Months Ended | Nine Months Ended | |||||||||||||||
November 30, | November 30, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Revenues | $ | 83,350 | $ | 74,675 | $ | 264,976 | $ | 209,912 | ||||||||
Cost of revenues | 48,233 | 48,101 | 157,411 | 134,509 | ||||||||||||
Gross profit | 35,117 | 26,574 | 107,565 | 75,403 | ||||||||||||
Operating expenses: | ||||||||||||||||
Research and development | 5,297 | 5,121 | 17,273 | 14,681 | ||||||||||||
Selling | 12,818 | 5,975 | 36,809 | 17,320 | ||||||||||||
General and administrative | 11,352 | 5,202 | 38,619 | 14,885 | ||||||||||||
Intangible asset amortization | 3,857 | 1,663 | 11,203 | 4,962 | ||||||||||||
33,324 | 17,961 | 103,904 | 51,848 | |||||||||||||
Operating income | 1,793 | 8,613 | 3,661 | 23,555 | ||||||||||||
Non-operating income (expense): | ||||||||||||||||
Investment income | 201 | 438 | 1,109 | 423 | ||||||||||||
Interest expense | (2,479 | ) | (2,252 | ) | (7,377 | ) | (5,180 | ) | ||||||||
Other income (expense) | (587 | ) | 6 | (174 | ) | (23 | ) | |||||||||
(2,865 | ) | (1,808 | ) | (6,442 | ) | (4,780 | ) | |||||||||
Income (loss) before income taxes and | ||||||||||||||||
equity in net loss of affiliate | (1,072 | ) | 6,805 | (2,781 | ) | 18,775 | ||||||||||
Income tax benefit (provision) | (135 | ) | (2,603 | ) | 120 | (7,015 | ) | |||||||||
Income (loss) before equity in net loss of affiliate | (1,207 | ) | 4,202 | (2,661 | ) | 11,760 | ||||||||||
Equity in net loss of affiliate | (320 | ) | (326 | ) | (1,004 | ) | (326 | ) | ||||||||
Net income (loss) | $ | (1,527 | ) | $ | 3,876 | $ | (3,665 | ) | $ | 11,434 | ||||||
Earnings (loss) per share: | ||||||||||||||||
Basic | $ | (0.04 | ) | $ | 0.11 | $ | (0.10 | ) | $ | 0.32 | ||||||
Diluted | $ | (0.04 | ) | $ | 0.11 | $ | (0.10 | ) | $ | 0.31 | ||||||
Shares used in computing earnings (loss) per share: | ||||||||||||||||
Basic | 35,731 | 36,319 | 36,196 | 36,138 | ||||||||||||
Diluted | 35,731 | 36,803 | 36,196 | 36,728 | ||||||||||||
BUSINESS SEGMENT INFORMATION | ||||||||||||||||
(Unaudited, in thousands) | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
November 30, | November 30, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Revenues | ||||||||||||||||
Wireless DataCom | $ | 83,350 | $ | 62,842 | $ | 249,907 | $ | 182,487 | ||||||||
Satellite | - | 11,833 | 15,069 | 27,425 | ||||||||||||
Total revenues | $ | 83,350 | $ | 74,675 | $ | 264,976 | $ | 209,912 | ||||||||
Gross profit | ||||||||||||||||
Wireless DataCom | $ | 35,117 | $ | 23,416 | $ | 103,836 | $ | 68,102 | ||||||||
Satellite | - | 3,158 | 3,729 | 7,301 | ||||||||||||
Total gross profit | $ | 35,117 | $ | 26,574 | $ | 107,565 | $ | 75,403 | ||||||||
Operating income | ||||||||||||||||
Wireless DataCom | $ | 3,171 | $ | 7,389 | $ | 9,243 | $ | 21,808 | ||||||||
Satellite | - | 2,415 | 1,547 | 5,192 | ||||||||||||
Corporate expenses | (1,378 | ) | (1,191 | ) | (7,129 | ) | (3,445 | ) | ||||||||
Total operating income | $ | 1,793 | $ | 8,613 | $ | 3,661 | $ | 23,555 |
- more -
CalAmp Reports Fiscal
2017 Third Quarter Financial Results
Page 5 of 7
CAL AMP
CORP.
CONSOLIDATED BALANCE
SHEETS
(In
thousands)
November 30, | February 29, | |||||||
2016 | 2016 | |||||||
Assets | (Unaudited) | |||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 75,147 | $ | 139,388 | ||||
Short-term marketable securities | 25,675 | 88,718 | ||||||
Accounts receivable, net | 66,969 | 49,432 | ||||||
Inventories | 31,484 | 16,731 | ||||||
Prepaid expenses and other current assets | 7,847 | 4,498 | ||||||
Total current assets | 207,122 | 298,767 | ||||||
Property, equipment and improvements, net | 21,676 | 11,225 | ||||||
Deferred income tax assets | 28,024 | 30,213 | ||||||
Goodwill | 63,564 | 16,508 | ||||||
Other intangible assets, net | 71,074 | 17,010 | ||||||
Other assets | 11,287 | 10,640 | ||||||
$ | 402,747 | $ | 384,363 | |||||
Liabilities and Stockholders' Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 33,392 | $ | 24,938 | ||||
Accrued payroll and employee benefits | 10,977 | 6,814 | ||||||
Deferred revenue | 15,243 | 9,438 | ||||||
Other current liabilities | 14,380 | 8,375 | ||||||
Total current liabilities | 73,992 | 49,565 | ||||||
1.625% convertible senior unsecured notes | 145,021 | 139,800 | ||||||
Other non-current liabilities | 15,244 | 5,551 | ||||||
Stockholders' equity: | ||||||||
Common stock | 355 | 367 | ||||||
Additional paid-in capital | 212,137 | 229,159 | ||||||
Accumulated deficit | (43,518 | ) | (39,853 | ) | ||||
Accumulated other comprehensive loss | (484 | ) | (226 | ) | ||||
Total stockholders' equity | 168,490 | 189,447 | ||||||
$ | 402,747 | $ | 384,363 |
- more -
CalAmp Reports Fiscal 2017
Third Quarter Financial Results
Page 6 of 7
CAL AMP
CORP.
CONSOLIDATED CASH
FLOW STATEMENTS
(Unaudited - In thousands)
Nine Months Ended | ||||||||
November 30, 2016 | ||||||||
2016 | 2015 | |||||||
Cash flows from operating activities: | ||||||||
Net income (loss) | $ | (3,665 | ) | $ | 11,434 | |||
Depreciation expense | 6,034 | 2,608 | ||||||
Intangible assets amortization expense | 11,203 | 4,962 | ||||||
Stock-based compensation expense | 5,669 | 4,211 | ||||||
Amortization of convertible debt issue costs and discount | 5,221 | 3,502 | ||||||
Deferred tax assets, net | (511 | ) | 6,595 | |||||
Equity in net loss of affiliate | 1,004 | 326 | ||||||
Impairment of internal use software | 1,364 | - | ||||||
Changes in operating working capital | (6,512 | ) | 4,320 | |||||
Other | (12 | ) | (87 | ) | ||||
Net cash provided by operating activities | 19,795 | 37,871 | ||||||
Cash flows from investing activities: | ||||||||
Proceeds from maturities of marketable securities | 88,742 | 35,552 | ||||||
Purchases of marketable securities | (25,699 | ) | (142,032 | ) | ||||
Capital expenditures | (5,818 | ) | (3,388 | ) | ||||
Acquisition of Crashboxx | - | (1,500 | ) | |||||
Acquisition of LoJack, net of cash acquired | (116,982 | ) | - | |||||
Advances to unconsolidated subsidiary | (1,401 | ) | (2,156 | ) | ||||
Other | (51 | ) | (95 | ) | ||||
Net cash used in investing activities | (61,209 | ) | (113,619 | ) | ||||
Cash flows from financing activities: | ||||||||
Proceeds from issuance of convertible notes | - | 172,500 | ||||||
Payments of debt issuance costs | - | (5,291 | ) | |||||
Purchase of convertible note hedges | - | (31,343 | ) | |||||
Proceeds from issuance of warrants | - | 15,991 | ||||||
Payment of acquisition-related note and contingent consideration | - | (1,687 | ) | |||||
Repurchases of common stock | (21,923 | ) | - | |||||
Taxes paid related to net share settlement of vested equity awards | (1,614 | ) | (2,520 | ) | ||||
Proceeds from exercise of stock options | 834 | 592 | ||||||
Net cash provided (used) by financing activities | (22,703 | ) | 148,242 | |||||
Effect of exchange rate changes on cash | (124 | ) | - | |||||
Net change in cash and cash equivalents | (64,241 | ) | 72,494 | |||||
Cash and cash equivalents at beginning of period | 139,388 | 34,184 | ||||||
Cash and cash equivalents at end of period | $ | 75,147 | $ | 106,678 |
- more -
CalAmp Reports Fiscal 2017
Third Quarter Financial Results
Page 7 of 7
CAL AMP
CORP.
RECONCILIATION OF
NON-GAAP MEASURES TO GAAP
(Unaudited)
"GAAP" refers to financial information presented in accordance with U.S. Generally Accepted Accounting Principles. This press release includes historical non-GAAP financial measures, as defined in Regulation G promulgated by the Securities and Exchange Commission. CalAmp believes that its presentation of historical non-GAAP financial measures provides useful supplementary information to investors. The presentation of historical non-GAAP financial measures is not meant to be considered in isolation from or as a substitute for results prepared in accordance with GAAP.
In this press release, CalAmp reports the non-GAAP financial measures of Adjusted basis net income, Adjusted basis net income per diluted share, Adjusted EBITDA (Earnings Before Investment Income, Interest Expense, Taxes, Depreciation, Amortization and Stock-Based Compensation and other adjustments as identified below), and Adjusted EBITDA margin. CalAmp uses these non-GAAP financial measures to enhance the investor's overall understanding of the financial performance and future prospects of CalAmp's core business activities. Specifically, CalAmp believes that the use of these non-GAAP measures facilitates the comparison of results of core business operations between its current and past periods.
The reconciliation of the GAAP basis net income (loss) to Adjusted basis (non-GAAP) net income is as follows (in thousands except per share amounts):
Three Months Ended | Nine Months Ended | |||||||||||||||
November 30, | November 30, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
GAAP basis net income (loss) | $ | (1,527 | ) | $ | 3,876 | $ | (3,665 | ) | $ | 11,434 | ||||||
Intangible assets amortization expense | 3,857 | 1,663 | 11,203 | 4,962 | ||||||||||||
Stock-based compensation expense | 2,064 | 1,602 | 5,669 | 4,211 | ||||||||||||
Non-cash interest expense from amortization of debt discount | 1,562 | 1,370 | 4,631 | 3,106 | ||||||||||||
GAAP basis income tax provision (benefit) | 135 | 2,603 | (120 | ) | 7,015 | |||||||||||
Equity in net loss of affiliate | 320 | 326 | 1,004 | 326 | ||||||||||||
Acquisition and integration expenses | 630 | - | 4,169 | - | ||||||||||||
Non-cash cost of sales and depreciation on markup of | ||||||||||||||||
LoJack inventory and fixed assets | 186 | - | 4,867 | - | ||||||||||||
Legal arbitration expenses for LoJack battery claim | 196 | - | 1,656 | - | ||||||||||||
Adjusted basis income before income taxes | 7,423 | 11,440 | 29,414 | 31,054 | ||||||||||||
Income tax benefit (provision) (non-GAAP basis) (a) | 138 | (57 | ) | (709 | ) | (344 | ) | |||||||||
Adjusted basis net income | $ | 7,561 | $ | 11,383 | $ | 28,705 | $ | 30,710 | ||||||||
Adjusted basis net income per diluted share | $ | 0.21 | $ | 0.31 | $ | 0.78 | $ | 0.84 | ||||||||
Weighted average common shares outstanding on diluted basis | 36,087 | 36,803 | 36,651 | 36,728 |
(a) | The non-GAAP income tax provision represents cash taxes paid or payable for the period after giving effect to the utilization of net operating loss and tax credit carryforwards. |
The reconciliation of GAAP basis net income (loss) to Adjusted EBITDA, and the calculation of Adjusted EBITDA margin, are as follows (dollars in thousands):
Three Months Ended | Nine Months Ended | |||||||||||||||
November 30, | November 30, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
GAAP basis net income (loss) | $ | (1,527 | ) | $ | 3,876 | $ | (3,665 | ) | $ | 11,434 | ||||||
Investment income | (201 | ) | (438 | ) | (1,109 | ) | (423 | ) | ||||||||
Interest expense | 2,479 | 2,252 | 7,377 | 5,180 | ||||||||||||
GAAP basis income tax provision (benefit) | 135 | 2,603 | (120 | ) | 7,015 | |||||||||||
Depreciation expense | 2,002 | 933 | 6,034 | 2,608 | ||||||||||||
Intangible assets amortization expense | 3,857 | 1,663 | 11,203 | 4,962 | ||||||||||||
Stock-based compensation expense | 2,064 | 1,602 | 5,669 | 4,211 | ||||||||||||
Equity in net loss of affiliate | 320 | 326 | 1,004 | 326 | ||||||||||||
Acquisition and integration expenses | 630 | - | 4,169 | - | ||||||||||||
Non-cash cost of sales on markup of LoJack inventory | - | - | 4,319 | - | ||||||||||||
Legal arbitration expenses for LoJack battery claim | 196 | - | 1,656 | - | ||||||||||||
Adjusted EBITDA | $ | 9,955 | $ | 12,817 | $ | 36,537 | $ | 35,313 | ||||||||
Revenue | $ | 83,350 | $ | 74,675 | $ | 264,976 | $ | 209,912 | ||||||||
Adjusted EBITDA margin | 11.9 | % | 17.2 | % | 13.8 | % | 16.8 | % |
# # #
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Exhibit 99.2 |
CalAmp Announces Planned Retirement of Chief Financial Officer Rick Vitelle
IRVINE, CA, December 21, 2016 -- CalAmp (NASDAQ: CAMP) today announced that its Executive Vice President, Chief Financial Officer and Corporate Secretary, Rick Vitelle, plans to retire from the company after sixteen years of service. Mr. Vitelle will remain as CFO until his successor is found, to ensure an orderly and seamless transition. The company has initiated a comprehensive search to identify Mr. Vitelles successor, and once a CFO is on board, Mr. Vitelle will remain with the company during a transition period.
I am grateful for the contributions Rick has made to our company as CFO over the years," said CalAmps President and Chief Executive Officer, Michael Burdiek. He has been an invaluable partner and has played a fundamental role in the companys successful transformation. Rick has played an integral role in our growth and expansion and most recently helped the company with the successful acquisition and integration of LoJack.
Mr. Vitelle added, "I am proud of what CalAmp has accomplished since I joined the company, and I believe CalAmp is on the right trajectory for long-term growth and profitability. When hired, I look forward to working closely with the new CFO to ensure a seamless transition."
Mr. Vitelles career has spanned 40 years, and he has served as the Chief Financial Officer of CalAmp since 2001. Prior to joining CalAmp, Mr. Vitelle served as Vice President of Finance and Administration and CFO of SMTEK International Inc. (formerly known as DDL Electronics Inc.). Earlier in his career, Mr. Vitelle served as a Senior Manager with PricewaterhouseCoopers.
About CalAmp
CalAmp (NASDAQ: CAMP) is a pure-play pioneer in the connected vehicle and broader Industrial Internet of Things marketplace. The Company's extensive portfolio of intelligent communications devices, robust and scalable telematics cloud services, and targeted software applications streamline otherwise complex Machine-to-Machine (M2M) deployments. These solutions enable customers to optimize their operations by collecting, monitoring and efficiently reporting business-critical data and desired intelligence from high-value mobile and remote assets. CalAmp is headquartered in Irvine, California and has been publicly traded since 1983. For more information, please visit www.calamp.com.
AT CALAMP: | AT NMN ADVISORS: | |
Nadine Traboulsi | Nicole Noutsios | |
Vice President, Corporate Marketing | SVP, Corporate Development | |
(949) 600-5642 | (510) 315-1003 | |
ntraboulsi@calamp.com | nicole@nmnadvisors.com |